IFRS for Small and Medium-sized Entities (SMEs)

The IFRS for SMEs was published by the International Accounting Standards Board (IASB) in 2009 in order to provide a simplified and self-contained standard to meet the needs and capabilities of international smaller and medium-sized entities that do not operate in capital markets.

Compared with full IFRS, and some national GAAPs, the IFRS for SMEs is less complex and has therefore been welcomed in a number of countries throughout the world, including South Africa and the USA, as a replacement or permitted alternative for use by certain companies. The European Financial Reporting Advisory Group (EFRAG) has not as yet proposed endorsement of the standard for use in Europe.